MASSACHUSETTS FAMILY CREDIT UNION is no longer an active credit union according to the NCUA. If available, you can view their website at https://www.massfamilycu.com for more information.
Dec, 31, 2023 — MASSACHUSETTS FAMILY CREDIT UNION is a federally insured state chartered credit union headquartered in LYNN, MA with 1 branch location and about $26.70 million in total assets. Opened 98 years ago in 1926, MASSACHUSETTS FAMILY CREDIT UNION has about 1,465 members and employs 3 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | MASSACHUSETTS FAMILY CREDIT UNION |
|---|---|
| Address: (Main Office) | PO BOX 615 LYNN, MA 01903 |
| Phone: | (781) 592-6051 |
| Fax: | (781) 592-6162 |
| Website: | https://www.massfamilycu.com |
| Branches: | 1 branch locations |
| Members: | 1,465 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 67714 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1926 |
| Last Audited: | Sep 01, 2020 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $26,703,031 |
| CEO/Manager: | cornelius j crean |
| Chairperson: | richard coppinger |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 5,930,572 |
| TOTAL INVESTMENTS | 2,625,564 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 13,530,162 |
| Unsecured Loans | 1,844,377 |
| Other Loans | 2,568,598 |
| TOTAL LOANS | 17,943,137 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -169,873 |
| Land And Building | 0 |
| Other Fixed Assets | 35,436 |
| NCUSIF Deposit | 176,839 |
| All Other Assets | 161,356 |
| TOTAL ASSETS | 26,703,031 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 11,117 |
| Notes & Interest Payable | 1,000,000 |
| Accounts Payable & Other Liabilities | 118,473 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 1,636,341 |
| Regular shares | 2,871,126 |
| All Other Shares & Deposits | 17,041,033 |
| TOTAL SHARES & DEPOSITS | 21,548,500 |
| TOTAL LIABILITIES | 22,678,090 |
| Regular Reserve | 295,000 |
| Other Reserves | 0 |
| Undivided Earnings | 3,729,941 |
| TOTAL EQUITY | 4,024,941 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 26,703,031 |
| INCOME & EXPENSE | |
| Loan Income | 963,328 |
| Investment Income | 62,500 |
| Other Income | 15,582 |
| Total Employee Compensation & Benefits | 372,752 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 232,487 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 7,500 |
| Cost of Funds | 339,764 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 88,907 |
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